我国新股发行定价方式探讨

我国的股票市场是在计划经济条件下发展起来的,与之相适应的新股发行定价制度也是带有浓厚的行政色彩,随着股票市场的开放,新股发行的市场化以使价格反映价值已经是大势所趋。新股询价制度是在这样的背景下产生的,目的是使发行定价制度市场化,但是由于我国股票市场的特殊环境即市场环境的非市场化以及特有的股权分置现象,使得这一市场化制度的有效性值得怀疑。

The pricing way of stock offered was administrative in correspond with the stock market developed from planned economy. The stock market is opening. It is necessary to issue stocks under the market mechanism so that the price accords with the value. So the asking price system of stock offered put in practice. However, we are worth doubting the effect of the marketization measure on account of special conditions of Chinese stock market, namely non-marketization of market environment, stock right separation.